Inflation in Germany continues to rise
2022.11.29 08:43
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Inflation in Germany continues to rise
Budrigannews.com – According to preliminary data released on Tuesday by the Federal Statistics Office, German consumer prices increased by 11.3% in November, which was in line with forecasts made by analysts polled by Reuters and compared to other countries in the European Union.
Harmonized inflation increased 11.6% year-over-year in October, making it the highest reading since comparable data from 1996.
The office added that prices did not change from October. A 0.1% month-over-month increase was anticipated by analysts.
According to the office, the annual increase was caused by increased costs for food and energy, both of which have significantly impacted inflation since the beginning of the war in Ukraine.
The office reported that food prices had also increased by 21%, despite a slight decrease in energy prices in November compared to the same time last year.
Consumer sentiment has been stabilized by a one-time payment of household energy bills in December and a planned price cap on gas and electricity, but the Bundesbank has warned that it may not be enough to lower inflation below double digits.
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